OTP Agrees to Sell Romanian Business for EUR 347.5 mln

Banking

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OTP Bank, Hungary's biggest commercial lender, on Friday announced the conclusion of an agreement to sell OTP Bank Romania to Banca Transilvania for EUR 347.5 million, according to a report by state news wire MTI.

OTP Group is also selling its other Romanian subsidiaries, OTP Leasing Romania IFN and OTP Asset Management S.A.I., to Banca Transilvania in the transaction which is expected to close in 2024, pending regulatory approval.

OTP noted that the sale price is smaller than the net asset value of the subsidiaries recognized in its consolidated accounts, resulting in a negative HUF 59.5 billion consolidated P+L impact which was already booked in Q4 2023.

As a result of the divestment, OTP's consolidated capital adequacy ratio is expected to improve by 52 bp, the lender said.

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